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May 2, 2012
Economic activity in the manufacturing sector expanded in April for the 33rd consecutive month as the PMI registered 54.8 percent, an increase of 1.4 percentage points from the March survey of purchasing executives, reports the Institute for Supply Management, Tempe, Ariz.
Sixteen of the 18 industries reflected overall growth in April, and the New Orders, Production and Employment Indexes all increased, indicating growth at faster rates than in March. “Comments from the panel generally indicate stable to strong demand, with some concerns cited over increasing oil prices and European stability,” said Bradley J. Holcomb, chairman of ISM’s Manufacturing Business Survey Committee.
A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting. A PMI in excess of 42.6 percent, over a period of time, generally indicates an expansion of the overall economy. Therefore, the PMI indicates growth for the 35th consecutive month in the overall economy, as well as expansion in the manufacturing sector, Holcomb said.
The average PMI for January through April (53.7 percent) corresponds to a 3.8 percent increase in real GDP. In addition, if the PMI for April (54.8 percent) is annualized, it corresponds to a 4.1 percent increase in real GDP.
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